Global Pet Wearable Market Is Expected To Grow At CAGR Of 14% In The Forecast Period Of 2021-2026
The new report by Expert Market Research titled, ‘Global Pet Wearable Market Price, Share, Size, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global pet wearable market, assessing the market based on its segments like product, technology, pet type, application and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 940.5 Million
• Forecast CAGR (2021-2026): 14%
• Forecast Market Size (2026): USD 2.1 Billion
The increased need for pet surveillance among working people is one of the key development factors for the pet wearable industry. Because of their hectic lifestyles and extended working hours, pet owners’ demands for smart-connected collars that allow them to speak with their animals from their office are rapidly increasing.
Industry Definition and Major Segments
An intelligent pet collar is a device that links to a smartphone by Wi-Fi or Bluetooth and provides information on the animal’s whereabouts, training activities, and more. It is a multi-purpose tool, unlike the present standard collar. Using GPS technology, this collar allows pet owners to monitor, track, and collect data and alerts about their pets, as well as engage with others via an LED display on the collar’s outside. Pet owners can also monitor certain aspects of their pet’s health.
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Based on product, the market covers:
• Smart Collar
• Smart Camera
• Smart Harness and Vest
• Tags
Based on technology, the market is segmented into:
• GPS
• RFID
• Sensors
• Others
Based on pet type, the market is categorised into:
• Companion
• Livestock
• Others
Based on application, the market is divided into:
• Identification & Tracking
• Behaviour Monitoring
• Facilitation, Safety & Security
• Medical Diagnosis & Treatment
The major regional markets include:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
Market Trends
Growing worries about pet health and well-being, expanding pet population and pet humanization, increased IoT demand in pet monitoring devices, and increased pet expenditure, owing to high disposal revenue, are all contributing to market expansion. The identification and monitoring application segment is expected to dominate the market during the forecast period. Over the projection period, the industry is expected to be driven by the critical usage of wearable monitoring devices to locate missing and stolen animals.
Furthermore, rising spending on companion animals has resulted from a greater reliance on pets for companionship, mental well-being, fitness, and entertainment. The pet wearable market is predicted to also increase due to the availability of modern technology-based gadgets that monitor health by capturing critical information. In addition, rising adoption of companion animals in emerging economies like India and China would provide many chances for market growth in the Asia Pacific region throughout the forecast period.
Key Market Players
The major players in the market are Allflex USA Inc, Avid Identification Systems Inc, Datamars Inc, Fitbark, Garmin Ltd, Intervet Inc, Invisible Fence, Konectera Inc., Link AKC, Loc8tor Ltd, Motorola, Nuzzle, Otto Petcare System, PetPace LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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